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June 30, 2023
- Buoyed by a strong session amid an uptrend, Gallagher is $1.34 away from testing key resistance at $216
- The lower Bollinger Band® is currently at $203.2 while the higher band is at $216.82
Gallagher chart analysis: Arthur J Gallagher & Co's recent run now faces a major challenge as concentrated supply is likely found at $216 with price action currently $1.34 away. With regards to technical trend indicators, chart analysis show that around $212.08, Gallagher can look to establish a new bullish phase beyond its 10 day Simple Moving Average. Price action overcame a known Fibonacci resistance level at $211.63 by around $3.04 with prices hammering out a $210.86 – $214.78 session range. Analysis based on the asset volatility indicates that Gallagher's upper Bollinger Band® is at $216.82.
Notwithstanding Gallagher's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Trend-following investors would be interested to note that AIG's CCI indicator is above +100. Asset volatility analysis shows that AIG's upper Bollinger Band® is now at $57.73. Technical chart analysis shows AIG's run now faces a challenge at $57.55, which is only 35 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Overall, while AIG has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Moody's's run now faces a challenge at $346.05, which is only $1.6 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Bollinger Band® analysis indicates that current price action is approaching the upper band at $348.49, thereby suggesting that Moody's is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Moody's is set for a reversal in the coming days.
American Express's run now faces a challenge at $172.82, which is only 74 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Bollinger Band® analysis indicates that current price action is approaching the upper band at $175.6, thereby suggesting that American Express is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates American Express is set for a reversal in the coming days.
Fundamental indicators – United States Pending Home Sales published yesterday at 14:00 UTC came out at -2.7%, falling short of the -0.5% projections and continuing its decline from the previous -0.4% figure.
Upcoming fundamentals: United States Core PCE Price Index (MoM) (May) is expected today at 12:30 UTC.
